Downtown Takes Another Blow

Bye-bye to all the beautiful women professionals I see rushing to work in the morning:

Macy's will close its Florida headquarters in Miami and eliminate 600 jobs.

The Cincinnati-based retailer (NYSE: M), which operates Macy's and Bloomingdale's department stores, announced restructuring of its central operations on Monday.

A total of 7,000 positions, or about 4 percent of the company's workforce, will be cut from offices, stores and other facilities. Macy's currently has about 180,000 positions.

The moves are expected to reduce previously planned expenses by $400 million a year beginning in 2010, and $250 million in 2009, the company said.

Macy's will begin the process of eliminating its division structure and integrating all functions into a single organization.

Other cuts include 1,400 jobs at the Macy's West headquarters in San Francisco and 850 jobs at Macy's Central headquarters in Atlanta.

Jobs will be phased out by the second quarter, Macy's spokesman Jim Sluzewski said. "Everyone is there until the end of April, at least."

Now that sucks. As it is, that portion of downtown is barely functioning.

Soon all that will be left are us lawyers and the beggars.

Like I said, it'll soon be just us lawyers.